Domestic equity indices were trading with meagre gains on Wednesday, in line with the trend in most Asian markets.
The S&P BSE Sensex hovered around 34,000 levels, up 72 points while the Nifty50 index was trading around 10,090 levels. HDF and HCL Tech (both up 1%) were the top Sensex gainers. On the other hand, Tata Steel and Hero MotoCorp slipped 2 per cent each and were the top laggards in the index.
The Nifty sectoral trend was mixed.
Results today
A total of 24 companies including Shriram Transport Finance, Tanla Solutions, Century Textiles are scheduled to announce their March quarter numbers.
CATCH ALL THE LIVE UPDATES
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10:17 AM
Hero MotoCorp dips 2% as Q4 profit falls 26%; ICICI Sec downgrades stock
Shares of Hero MotoCorp snapped the four-day winning streak and fell as much as much as 2.25 per cent to Rs 2,331.85 on the BSE after the two-wheeler maker reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the quarter ended March 31 (Q4FY20) Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing, adding that it sold 1,323,000 two-wheeler units during the quarter. READ MORE
Hero MotoCorp
10:05 AM
BROKERAGE VIEW:: ICICI Securities on Titan Co
RATING: HOLD | TARGET PRICE: Rs 1,000
Stores that have recovered to 80% of pre-COVID levels form a very small portion of overall revenue and recovery is likely to be delayed (discretionary nature and impulse-led purchases, touch-and-feel requirement and low footfalls at stores as consumers remain vary of travelling out). Having said that, the long-term formalisation and market share gains narrative only gets stronger. Customer acquisition is likely to accelerate with the introduction of a new growth engine – grow the core (more designs in low price range). Maintain HOLD.
10:02 AM
BROKERAGE VIEW:: MOFSL on HUL
RATING: BUY | TARGET PRICE: Rs 2,400
Despite being the largest consumer company in India, its 10-year sales/EBITDA/PAT growth has been healthy at 8.1%/13.3%/12.4% CAGR. Earnings growth has consistently gained momentum in recent years, which is particularly impressive given the weak mid-single earnings growth posted by (much smaller) peers in recent years. HUVR has delivered EBITDA/PAT CAGR of 13%/13.1% in the last five years, while both EBITDA/PAT have reported ~17% CAGR in the last three years ending FY20.
10:00 AM
BROKERAGE VIEW:: ICICI Securities on PVR
We continue to believe PVR is a proxy play on urban/semi urban discretionary spends. However, leisure activities and discretionary spend will take a backseat during a stressed macroeconomic setup in the near term. Current cash of | 227 crore raising of Rs 300 crore via rights issue is likely to ensure liquidity in near term. We will closely track the reopening of cinemas amid Covid-19 and turn buyer only when we witness footfall revival and stability. We maintain HOLD rating and value the stock at 10x FY22E (ex-Ind-AS) EV/EBITDA with a target price of Rs 1,085/share.
09:58 AM
Nifty50 finds it tough to breach 10,300
“The level of 10,300 acted as a major barrier. The market slumped mainly due to sudden weakness in global markets and a surge in the Dollar Index. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets, however, if the market defends the level of 9,940 then it would be positive for the market. Buying is advisable if the market drops below the level of 9,940 and recovers back. On the higher side, the level of 10,170 would be a major hurdle,” said Shrikant Chouhan, executive vice president, equity technical research, Kotak Securities. READ MORE
09:54 AM
BROKERAGE VIEW:: Prabhudas Lilladher on PVR Ltd
Rating: ACCUMULATE | CMP: Rs 1,087 | TP: Rs 1,131
While we continue to maintain our positive stance on the multiplex space (low ticket consumer discretionary play) near term challenges with respect to fixed cost and liquidity management persist given the leveraged BS of PVR (D/E of 0.9x as of FY20). As a result, we downgrade the stock to ACCUMULATE (BUY earlier)
effectively valuing it at EV/EBITDA multiple of 10x (earlier 8.5x; long period average is 12x) with a TP of Rs 1,131 (Rs 1,518 earlier).
09:50 AM
JM Financial rises 3% on Rs 770 cr QIP
>> Co has launched Rs 770 cr QIP at an indicative price of Rs 70 per share
09:41 AM
MARKET UPDATE:: KRBL slips over 5%
09:35 AM
IPO offers dry up amid Covid-19 scare; filings with Sebi lowest in 6 years
Initial public offers (IPOs) have dried up this year as uncertainty continues around the Covid-19 pandemic, with draft red herring prospectus (DRHP) filings with the Securities and Exchange Board of India (Sebi) hitting a six-year low.
So far this year, only seven companies, looking to raise less than Rs 6,500 crore, have filed their DRHPs — a preliminary prospectus filed ahead of an IPO that contains key details such as the number of shares being offered, financial results, and risk factors. READ MORE
09:31 AM
NEWS ALERT :: Fuel prices hiked for fourth straight day
Press Trust of India
✔
@PTI_News
Petrol price hiked by 40 paise/litre, diesel by 45 paise; 4th straight daily increase after oil PSUs ended 82-day hiatus in rate revision
508
9:10 AM - Jun 10, 2020
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The S&P BSE Sensex hovered around 34,000 levels, up 72 points while the Nifty50 index was trading around 10,090 levels. HDF and HCL Tech (both up 1%) were the top Sensex gainers. On the other hand, Tata Steel and Hero MotoCorp slipped 2 per cent each and were the top laggards in the index.
The Nifty sectoral trend was mixed.
Results today
A total of 24 companies including Shriram Transport Finance, Tanla Solutions, Century Textiles are scheduled to announce their March quarter numbers.
CATCH ALL THE LIVE UPDATES
Auto Refresh
10:17 AM
Hero MotoCorp dips 2% as Q4 profit falls 26%; ICICI Sec downgrades stock
Shares of Hero MotoCorp snapped the four-day winning streak and fell as much as much as 2.25 per cent to Rs 2,331.85 on the BSE after the two-wheeler maker reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the quarter ended March 31 (Q4FY20) Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing, adding that it sold 1,323,000 two-wheeler units during the quarter. READ MORE
Hero MotoCorp
10:05 AM
BROKERAGE VIEW:: ICICI Securities on Titan Co
RATING: HOLD | TARGET PRICE: Rs 1,000
Stores that have recovered to 80% of pre-COVID levels form a very small portion of overall revenue and recovery is likely to be delayed (discretionary nature and impulse-led purchases, touch-and-feel requirement and low footfalls at stores as consumers remain vary of travelling out). Having said that, the long-term formalisation and market share gains narrative only gets stronger. Customer acquisition is likely to accelerate with the introduction of a new growth engine – grow the core (more designs in low price range). Maintain HOLD.
10:02 AM
BROKERAGE VIEW:: MOFSL on HUL
RATING: BUY | TARGET PRICE: Rs 2,400
Despite being the largest consumer company in India, its 10-year sales/EBITDA/PAT growth has been healthy at 8.1%/13.3%/12.4% CAGR. Earnings growth has consistently gained momentum in recent years, which is particularly impressive given the weak mid-single earnings growth posted by (much smaller) peers in recent years. HUVR has delivered EBITDA/PAT CAGR of 13%/13.1% in the last five years, while both EBITDA/PAT have reported ~17% CAGR in the last three years ending FY20.
10:00 AM
BROKERAGE VIEW:: ICICI Securities on PVR
We continue to believe PVR is a proxy play on urban/semi urban discretionary spends. However, leisure activities and discretionary spend will take a backseat during a stressed macroeconomic setup in the near term. Current cash of | 227 crore raising of Rs 300 crore via rights issue is likely to ensure liquidity in near term. We will closely track the reopening of cinemas amid Covid-19 and turn buyer only when we witness footfall revival and stability. We maintain HOLD rating and value the stock at 10x FY22E (ex-Ind-AS) EV/EBITDA with a target price of Rs 1,085/share.
09:58 AM
Nifty50 finds it tough to breach 10,300
“The level of 10,300 acted as a major barrier. The market slumped mainly due to sudden weakness in global markets and a surge in the Dollar Index. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets, however, if the market defends the level of 9,940 then it would be positive for the market. Buying is advisable if the market drops below the level of 9,940 and recovers back. On the higher side, the level of 10,170 would be a major hurdle,” said Shrikant Chouhan, executive vice president, equity technical research, Kotak Securities. READ MORE
09:54 AM
BROKERAGE VIEW:: Prabhudas Lilladher on PVR Ltd
Rating: ACCUMULATE | CMP: Rs 1,087 | TP: Rs 1,131
While we continue to maintain our positive stance on the multiplex space (low ticket consumer discretionary play) near term challenges with respect to fixed cost and liquidity management persist given the leveraged BS of PVR (D/E of 0.9x as of FY20). As a result, we downgrade the stock to ACCUMULATE (BUY earlier)
effectively valuing it at EV/EBITDA multiple of 10x (earlier 8.5x; long period average is 12x) with a TP of Rs 1,131 (Rs 1,518 earlier).
09:50 AM
JM Financial rises 3% on Rs 770 cr QIP
>> Co has launched Rs 770 cr QIP at an indicative price of Rs 70 per share
09:41 AM
MARKET UPDATE:: KRBL slips over 5%
09:35 AM
IPO offers dry up amid Covid-19 scare; filings with Sebi lowest in 6 years
Initial public offers (IPOs) have dried up this year as uncertainty continues around the Covid-19 pandemic, with draft red herring prospectus (DRHP) filings with the Securities and Exchange Board of India (Sebi) hitting a six-year low.
So far this year, only seven companies, looking to raise less than Rs 6,500 crore, have filed their DRHPs — a preliminary prospectus filed ahead of an IPO that contains key details such as the number of shares being offered, financial results, and risk factors. READ MORE
09:31 AM
NEWS ALERT :: Fuel prices hiked for fourth straight day
Press Trust of India
✔
@PTI_News
Petrol price hiked by 40 paise/litre, diesel by 45 paise; 4th straight daily increase after oil PSUs ended 82-day hiatus in rate revision
508
9:10 AM - Jun 10, 2020
Twitter Ads info and privacy
106 people are talking about this
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